Canabrava Diamond Corporation: Progress Report on Company Activities.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--May 18, 2000 Canabrava Diamond Corporation (CDNX CDNX See Canadian Venture Exchange (CDNX). :CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) .) is pleased to provide the following update on the Company's activities in Canada and Brazil. In January 2000, Canabrava entered into an agreement with Navigator Exploration Corp. on the Severn Project. The Project is focused on an extensive area of the James Bay James Bay, shallow southern arm of Hudson Bay, c.300 mi (480 km) long and 140 mi (230 km) wide, E central Canada, in Nunavut Territory between Ont. and Que. Numerous rivers flow into the bay; many of these have been developed for hydroelectric power in Quebec (see Lowlands where Monopros is conducting a 10,000 tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. bulk sample on the diamondiferous Victor Pipe located within the Attawapiskat cluster of kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. pipes. A strategic land position has been acquired surrounding the Victor Pipe to cover more than thirty targets identified from a regional airborne magnetic survey. A high resolution airborne geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. (8,200 line kilometers) was initiated in early May to further define these targets and identify new targets. Results from the reconnaissance indicator mineral sampling program completed last year have identified two additional target areas with potential to host kimberlite pipes located to the west of the Attawapiskat kimberlite cluster. Summer exploration on the Severn Project will include additional airborne geophysics geophysics, study of the structure, composition, and dynamic changes of the earth, its atmosphere, hydrosphere and magnetosphere, based on the principles of physics. and follow up heavy mineral sampling to define targets for drilling later this year. On the Ontario Joint Venture, Kennecott completed a winter field exploration program consisting of high-resolution airborne and ground geophysics as well as drilling. The program was cut short by the early onset of spring weather conditions, which resulted in the loss of lake ice in early March. Only five targets were drill tested and no new kimberlites were discovered. A number of good quality targets remain to be drill tested, including some that occur at the origin of a large indicator mineral plume. A number of positive samples have been identified in preliminary reports on the first batch of samples being processed from the sampling program completed on the Rocky Island Rocky Island may refer to:
In February 2000, the Company acquired a third project on the Superior Craton The Superior craton (or Superior Province) forms the core of both the North American continent and the Canadian Shield. It extends from Quebec in the east to eastern Manitoba in the west. . The Frontenac Project is located along the Ontario/Quebec border near the town of Cobalt. Exploration work on this Project was initiated in late February with a program of ground geophysics and drilling. Five drillholes were completed on two kimberlite bodies and over 600 kilograms of kimberlite was submitted for microdiamond analysis. Results indicate that both pipes are diamond-bearing, but only trace quantities of microdiamonds were present. In view of the results, no further work is planned on these two pipes and the Company will now address other targets within the Project area. In Brazil, good progress has been made on the Canabrava Joint Venture. Processing of the two bulk samples acquired in December 1999 is nearing completion and evaluation work on the most promising alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun targets is scheduled to commence shortly. A detailed progress report on the Project will be issued by SouthernEra in the near future. The environmental impact study on the Rio do Sono Project has been submitted and the joint venture is awaiting the results of the review process. Canabrava Diamond Corporation is actively exploring for diamonds in Brazil and Canada both independently and through major joint ventures with Kennecott Canada Exploration Inc., SouthernEra Resources Limited, Paramount Ventures and Finance Inc. and Navigator Exploration Inc. Canabrava is 52.5% owned by Southwestern Gold Corporation (SWG-T). Rory O. Moore, President Canabrava Diamond Corporation The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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